Full question:
What can a husband and wife (residents of New York) do to protect vacation property real estate in New Hampshire from creditors since New Hampshire does not recognize tenants by entirety?
- Category: Real Property
- Date:
- State: New Hampshire
Answer:
You might consider putting the property into a trust with a spendthrift provision such as the following:
(Name of beneficiary) shall have no power or authority to sell, mortgage, or otherwise encumber the real property described in this trust during the life of the trust, nor shall (Name of beneficiary) have the power to make any contract with reference to the real property, other than to lease the property for a period not exceeding months, and then only after approval by trustee. Neither the real property nor the income from the property shall be liable for any debts of (Name of beneficiary) that (he or she) may contract during the life of this trust.
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